B3 3-Stox - Scalping Oscillator

This is an indicator that combines what I see some scalpers use on youtube videos and webinars.

3 Stox = Three Stochastic Readings
  • Fast Stochastic of Highs
  • Fast Stochastic of Lows
  • Slow Stochastic of Bar Average

Bar Color Code
  • Bar Color Coded
  • Light Green = Long with trend
  • Dark Green = Long counter trend
  • Light Red = Short with trend
  • Dark Red = Short counter trend

Fast Line Color Code
  • Green = Lows leading highs up (Organized Rise)
  • Olive = Highs leading lows up (Rapid Rise)
  • Red = Highs leading lows down (Organized Fall)
  • Fuchsia = Lows leading lows down (Rapid Fall)

Trades to be looked at:
  • Trading in the direction of the fast lines, when they are similar to and near one another, in the same direction as the Slow stochastic line's color or slope
  • Trading Long Fastline green color when all 3 lines are oversold
  • Trading Short Fastline red color when all 3 lines are overbought
  • AVOID Trading when fast lines are spread out and a large cloud appears between them (Chop Filter)
  • Look for solid up & down & up & etc. oscillation or you can use the slow line to find trends to trade
  • Green and red fast lines are organized moves, the olive and purple lines are faster moves and harder to lock in sometimes

Things to note:
  • Pairs nicely with a level printing study like B3 Level Break (applied on above chart)
  • There are 2 color schemes for the Fast High and Low Stochastic lines, and 2 color schemes for the bars
  • In this script the bar average is defined as (open+high+low+close+close) / 5, keep the slow line at a large length input so that you can get a macro trend reading without zooming out the chart
  • The Extended Stochastics from one of my previous scripts is defaulted as the style used, however, you may turn that feature off and use the classic Stochastics

More details: https://drive.google.com/open?id=1PzJ9K4uMcgbUBNUd6Kxqom9Qrp7txj8Q

~ B3 d^.^b